SBA Names Top Southern Tier Lenders for Fiscal Year 2013

Release Date:

Tuesday, October 29, 2013

Release Number:

14-03

Advisory Date:

Thursday, November 7, 2013

Advisory Number:

Contact:

Rachael Stanton 315-471-9393 ext. 244

SYRACUSE, N.Y. - SBA Syracuse District Director Bernard J. Paprocki today announced the most active lenders in the Southern Tier for the recently ended federal fiscal year 2013. M&T Bank, NBT Bank, and Corning Federal Credit Union had the highest number of 7(a) approvals in their respective categories based on asset size.

For the eighth year in a row, M&T Bank topped all large commercial banks in the Southern Tier and the entire 34-county Syracuse District. This year M&T Bank assisted small businesses in the Southern Tier with 52 loans at a value of $6.7 million and district-wide with 150 loans totaling $17.1 million.

In the large community lender category, NBT Bank was the most active large community lender in the Southern Tier and the Syracuse District for the third year in a row. NBT Bank made 16 loans worth $1.5 million to startup and existing Southern Tier businesses, and 50 loans worth $5.8 million across the Syracuse District.

For the sixth straight year, Corning Federal Credit Union outperformed all other small community lenders in the Southern Tier, with 19 loan approvals worth $1.9 million.

“Strong relationships with our lending partners are essential in providing small business owners with much needed access to capital. With continued partnership, Southern Tier entrepreneurs can continue to create jobs and invest in their businesses and communities,” praised SBA Syracuse District Director Bernard J. Paprocki.

In fiscal year 2013, which ended September 30th, SBA lenders in the 34-county Syracuse District provided 589 7(a) and 504 loan approvals valued at $128 million in needed capital. Although SBA does not make direct loans to small business, the agency’s use of its guaranty authority enables commercial lenders to make loans to small businesses they would otherwise not have made. The SBA Southern Tier covers the following counties: Broome, Chemung, Chenango, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga, and Tompkins.